A collaboration between Coti Network and Ardana will introduce stablecoin crypto-to-fiat payments to the Cardano community around the world.
The ecosystem of Cardano (ADA) is getting its first ramp for cryptocurrencies and fiat currency thanks to a new partnership between COTI Network and Ardana.
After the arrival of smart contracts to the main network of Cardano, the decentralized finance (DeFi) space has started to flourish on this blockchain. This development means that users begin to require entry and exit ramps of money. A recent alliance is working to respond to these new needs that arise in the network community.
COTI Network (COTI), a platform fintech enterprise level that enables organizations to build payment solutions, announced that it will partner with the stablecoins from Cardano, Ardana. The collaboration was signed in a tweet the day Thursday.
We are pleased to announce that we have taken the first step in Defi on Cardano, by partnering with Ardana, to bring crypto-to-fiat stablecoin payments to the Cardano community, as well as consumers and merchants around the world.
We are happy to announce that we’ve taken the first step in Defi over Cardano, by partnering with Ardana, to bring stablecoin crypto-to-fiat payments to the Cardano community, as well as consumers & merchants worldwide. .co / ShZ8SbseHt@ArdanaProject @CardanoStiftung $ COTI pic.twitter.com/EWz4Ou4TXD
– COTI (@COTInetwork) September 23, 2021
Cardano’s first crypto-fiat bridge
According to the official announcement, the association will see Ardana introduce stablecoin payments to ADAPay, a native payment system for the community Cardano. This will ensure that users of AdaPay now they can make purchases with their stablecoins wherever the product is accepted.
In addition, traders and consumers around the world can now trade directly with stablecoins. The initiative offers them an alternative to protect themselves from the volatility of the cryptocurrency market.
Shahaf Bar-Geffen, CEO of COTI, highlighted in the statement that the collaboration will make the native assets of the network Cardano become acceptable in the conventional digital payment system ADAPay:
Today, COTI is taking its first steps in Defi on Cardano, which we think will be huge. We are happy to partner with the extraordinary team at Ardana to bring new native Cardano assets to ADA Pay and expand our operations.
The founder of Ardana, Ryan Matovu, added for his part: “Both COTI and Cardano have a value proposition that is immediately applicable to each of our daily lives, no matter where we are. When it comes to e-commerce, it is within our vision that our stablecoin can engage in all walks of life, from on-chain yield farming to financing off-chain actual farming.“.
COTI and Cardano mutually benefit
This is not the first time that COTI has promoted an initiative in favor of the development of Cardano. The two parties have been working together since 2019. Most recently, in April this year, Cardano made its first investment in COTI through its new venture fund, called cFund, in an effort to strengthen its relationship with the business platform.
The latest announcement coincided with a surge in COTI’s native cryptocurrency, which this week hit a new all-time price high of $ 0.56. While the token has fallen slightly from the peak, it is still up with a 16% increase in the last 24 hours, according to data from Coinmarketcap.
The news about the development of a crypto-fiat ramp for the ecosystem of Cardano occurs amidst the expansion of said Blockchain to the DeFi space and tokens non-expendable (NFT).
Last week we reported that EMURGO, a company that provides economic and commercial support to Cardano, announced the launch of a new entity designed to offer DeFi-related infrastructure and services. More recently, IOHK, which provides technological support to Cardano, reported the upcoming launch of an online store for decentralized applications (dApps) on that network.
Sources: Medium, U.Today, CryptoPotato, file
Version by Hannah Estefanía Pérez / DiairoBitcoin
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